Mindtree, 1Q FY 2014

7/28/2019 Mindtree, 1Q FY 2014

1/12

Please refer to important disclosures at the end of this report 1

(` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)Net revenue 648 612 5.8 563 15.0EBITDA 119 116 2.4 117 1.4

EBITDA margin (%) 18.4 19.0 (60)bp 20.9 (246)bp

PAT 135 79 71.6 89 52.1Source:Company, Angel Research

MindTree reported a better-than-expected set of results on the revenue as well as

the bottom-line front, but disappointed at the operational front, for 1QFY2014.

The volume growth was strong at 4.1% qoq. The companys Management

indicated that it remains hopeful of FY2014 turning out to be a better revenue

growth year as compared to FY2013 because of pick up in client spending and

as a result of the companys greater concentration on mining its focus clients. Werecommend an Accumulate rating on the stock.Quarterly highlights: For 1QFY2014, MindTree reported a USD revenue growthof 4.2% qoq to US$117.7mn. In INR terms, the revenue stood at `648cr, up

5.8% qoq. The EBITDA and EBIT margins of the company declined by 60bp and

87bp qoq to 18.4% and 15.6%, respectively, largely on account of higher visa

costs, S&M investments, addition of ~460 freshers into the system and higher

depreciation, which although was negated partly by a weaker rupee. The PAT

stood tall at `135cr, up 71.6% qoq, aided by a whopping forex gain of `62cr as

against a forex loss of`

15cr in 4QFY2013.Outlook and valuation: MindTrees Management indicated that it remainshopeful of FY2014 turning out to be a better revenue growth year as compared

to FY2013. Also, it expects increased investments, which have been made

through FY2013, to meet some success and contribute to sales. While the macro

remains uncertain, the Management has increased its focus on the top 40 clients

by appointing an additional sales team. The company has invested into more

hunting resources in the US and Europe in anticipation of more business on

account of the above. Overall, we expect the company to record a 9.1% and

12.8% CAGR in USD and INR revenue, respectively, over FY2013-15. We expect

the company to record a 13.5% CAGR in its PAT over FY2013-15. At the current

market price of `914, the stock is trading at 8.9x FY2014E and 8.7x FY2015EEPS. We value the stock at 10x FY2015E EPS, translating into a target price of`1,050, and recommend an Accumulate rating on the stock.Key financials (Indian GAAP, Consolidated)Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ENet sales 1,509 1,915 2,362 2,768 3,006% chg 16.4 26.9 23.3 17.2 8.6

Net profit 102 218 339 430 440% chg (52.6) 114.6 55.2 27.0 2.2

EBITDA margin (%) 11.8 15.3 20.6 19.7 19.9

EPS (`) 24.9 53.7 81.7 103.1 105.2P/E (x) 36.7 17.0 11.2 8.9 8.7

P/BV (x) 4.8 3.9 2.8 2.1 1.7RoE (%) 13.1 22.8 25.8 24.8 20.3

RoCE (%) 13.3 22.2 31.5 26.5 23.5

EV/Sales (x) 2.4 1.8 1.4 1.0 0.9

EV/EBITDA (x) 20.1 11.6 6.6 5.3 4.3Source: Company, Angel Research

ACCUMULATECMP `914

Target Price `1,050

Investment Period 12 Months

Stock Info

Sector

Net debt (`cr) (502)

Bloomberg Code

Shareholding Pattern (%)

Promoters 16.8

MF / Banks / Indian Fls 8.4

FII / NRIs / OCBs 31.0

Indian Public / Others 43.8

Abs. (%) 3m 1yr 3yr

Sensex 5.8 17.1 12.1

Mindtree 5.4 41.9 60.4

Face Value (`)

IT

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

3,722

0.3

10

966/611

18,308

BSE Sensex

Nifty

Reuters Code

MTCL@IN

20,128

6,038

MINT.BO

Ankita Somani+91 22 39357800 Ext: 6819

[email protected]

MindTreePerformance highlights

1QFY2014 Result Update | IT

July 18, 2013

7/28/2019 Mindtree, 1Q FY 2014

2/12

Mindtree | 1QFY2014Result Update

July 18, 2013 2

Exhibit 1:1QFY2013 performance (Indian GAAP, Consolidated)

Y/E March (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy) FY2013 FY2012 % chg (yoy)Net revenue 648 612 5.8 563 15.0 2,362 1,915 23.3Cost of revenue 382 375 2.1 344 11.1 1,427 1,248 14.4Gross profit 265 238 11.5 219 21.3 934 667 40.0

SG&A expenses 146 122 20.2 101 44.2 448 374 19.8

EBITDA 119 116 2.4 117 1.4 486 293 65.9Depreciation 18 16 16.8 16 13.8 62 70 (10.2)

EBIT 101 101 0.2 101 (0.5) 424 223 89.6

Interest expense 0 0 0 1 0

Other income 74 0 14 1 38

PBT 174 101 73.0 115 51.7 424 261 62.0

Income tax 39 22 78.1 26 50.0 85 43 97.0

PAT 135 79 71.6 89 52.1 339 218 55.2

Minority interest - - - - - - - -

Share in profit of associates - - - - - - - -

Adj. PAT 135 79 71.6 89 52.1 339 218 55.2EPS 32.4 18.9 71.5 21.6 49.9 81.7 53.7 52.0

Gross margin (%) 41.0 38.8 211bp 38.9 210bp 39.6 34.8 472bp

EBITDA margin (%) 18.4 19.0 (60)bp 20.9 (246)bp 20.6 15.3 528bp

EBIT margin (%) 15.6 16.5 (87)bp 18.0 (243)bp 17.9 11.7 627bp

PAT margin (%) 18.8 12.9 589bp 15.4 334bp 14.3 11.2 316bp

Source: Company, Angel Research

Exhibit 2:Actual vs Angel estimates

(` cr) Actual Estimate % VarNet revenue 648 657 (1.5)

EBITDA margin (%) 18.4 20.1 (175)bp

PAT 135 86 56.6


A strong performance

For 1QFY2014, MindTree reported a USD revenue growth of 4.2% qoq to

US$117.7mn, on the back of 4.1% qoq volume growth. Blended realization grew

by 0.4% qoq. Revenue growth was led by ramp-up of large deals in IT services.

MindTree has grown its IT services business at a CQGR of 5.2% for the past 10

quarters which is impressive. In INR terms, the revenue came in at `648cr, up

5.8% qoq.

7/28/2019 Mindtree, 1Q FY 2014

3/12


July 18, 2013 3

Exhibit 3:Trend in revenue growth (qoq)


Service vertical wise, the companys growth was one again led by discretionary IT

services ie consulting (contributed 3.3% to revenue) and engineering services

(contributed 16.5% to revenue), the revenue from which grew by 18.5% and

37.5%, respectively. The companys anchor service verticals - application

development (contributed 25.4% to revenue) and application maintenance

(contributed 22.0% to revenue) maintained their revenue momentum and grew by

5.0% and 5.6% qoq, respectively. Infrastructure Management Services (IMS;

contributed 11.2% to revenue), posted a revenue de-growth of 15.5% qoq during

1QFY2014, while it had been growing at a CQGR of ~15% over the preceding 12

consecutive quarters.

Exhibit 4:Growth trend in service verticals

Particulars % to revenue % chg (qoq) % chg (yoy)Development 25.4 5.0 11.5

Engineering 16.5 37.5 11.5

Maintenance 22.0 5.6 11.5

Consulting 3.3 18.5 11.5

Package implementation 3.0 (32.1) 11.5

IP led revenue 1.2 (26.5) 11.5

Independent testing 17.4 2.9 11.5

Infrastructure mgmt. and tech. support (IMS) 11.2 (15.5) 11.5


Industry wise, the major growth drivers were travel & transportation and Hi-tech

industry segments, the revenues from which grew by 9.4% and 8.3% qoq,

respectively. Revenue from banking, financial services & insurance (BFSI) industry

segment grew by 5.1% qoq.

106107

110

113

118

0.4

1.7

2.5

2.8

4.1

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

90

95

100

105

110

115

120

1QFY13 2QFY13 3QFY13 4QFY13 1QFY14

(%)

(US$mn)

Revenue (US$ mn) qoq growth (%)

7/28/2019 Mindtree, 1Q FY 2014

4/12


July 18, 2013 4

Exhibit 5:Growth trend in industry segments

Particulars % to revenue % chg (qoq) % chg (yoy)Hi-Tech 31.0 8.3 19.7

BFSI 22.0 5.1 7.6Manufacturing, CPG and Retail 18.5 (3.2) (1.3)

Travel & Transportation 20.9 9.4 18.3

Others 7.6 (8.0) 10.1


Geography wise, growth was led by developed economies with revenues from US

and Europe reporting a growth of 9.4% and 2.4% qoq, respectively. Revenue from

India grew by 9.3% qoq; the same has been volatile over the past few quarters.

Exhibit 6:Growth trend in geographies

Particulars % to revenue % chg (qoq) % chg (yoy)U.S. 58.1 9.4 11.5

Europe 28.8 2.4 11.5

India 6.4 9.3 11.5

Rest of World 6.7 (25.0) 11.5


Hiring and utilization

During 1QFY2014, gross additions at MindTree stood at 272; while on a net level

the company witnessed a net reduction of 170 employees, taking the total

employee base to 10,830. The attrition rate (last twelve month [LTM] basis) during

the quarter increased significantly to 17.0% from 13.4% in 4QFY2013.

Exhibit 7:Employee metrics

Particulars 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14Software professionals 10,173 10,226 10,280 10,912 10,173

Sales and support 657 657 672 679 657

Total employee base 10,830 10,883 10,952 11,591 10,830

Gross addition 272 454 443 974 272

Net addition (170) 53 69 639 (170)

Attrition LTM (%) 17.0 16.3 15.1 13.4 17.0


Utilization level excluding trainees grew by 60bp qoq to 71.5% while including

trainees, the same declined by 70bp qoq to 68.9%.

7/28/2019 Mindtree, 1Q FY 2014

5/12


July 18, 2013 5

Exhibit 8:Utilization trend


Margins decline

For 1QFY2014, MindTrees EBITDA and EBIT margins declined by 60bp and 87bp

qoq to 18.4% and 15.6%, respectively, largely on account of higher visa costs,

S&M investments, addition of ~460 freshers into the system and higher

depreciation, which although was negated partly by a weaker rupee.

Exhibit 9:Margin profile


Client pyramid

MindTree added 19 new clients during 1QFY2015, with four out of them being in

the US$1mn plus revenue bracket. The revenue from top 5 and top 10 clients grew

by 10.1% and 7.3% qoq, respectively, while revenue from the companys top client

declined by 1.1% qoq.

68.9

71.771.4

69.6

68.9

71.5

72.3

73.1

70.971.5

66

67

68

69

70

71

72

73

74


(%)

Uti li zation - incl . trainees Uti li zat ion -excl . t rainees

38.940.1 40.4

38.841.0

20.922.1

20.419.0 18.4

18.019.5

17.816.5 15.6

5

10

15

20

25

30

35

40

45


(%)

Gross margin EBITDA margin EBIT margin

7/28/2019 Mindtree, 1Q FY 2014

6/12


July 18, 2013 6

Exhibit 10:Client metrics

Particulars 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14Active clients 245 247 245 232 245

New clients added 19 11 8 5 19US$1mn-5mn 61 56 49 54 61

US$5mn-10mn 9 9 12 11 9

US$10mn plus 8 8 9 9 8


Outlook and valuation

MindTrees Management indicated that it remains hopeful of FY2014 turning out

to be a better revenue growth year as compared to FY2013 because of pick up in

client spending and as a result of the companys greater concentration on mining

its focus clients. Also, it expects increased investments, which have been madethrough FY2013, to meet some success and contribute to sales. While the macro

remains uncertain, the Management has increased its focus on the top 40 clients

by appointing an additional sales team. The company has invested into more

hunting resources in the US and Europe in anticipation of more business on

account of the above.

The Management is confident that its IT services business would continue with the

momentum, with fresher joining mapped at a strong ~1,700 headcounts for

FY2014 (about 50% of it being spillover from FY2013 deferment), apart from the

need-based lateral additions. This would help MindTree to rationalize its employee

pyramid and cushion its margins. Overall, we expect the company to record a9.1% and 12.8% CAGR in USD and INR revenue, respectively, over FY2013-15.

MindTrees operating margins have declined by ~370bp in the past three quarters

to 18.4% in 1QFY2014. We expect a further decline in margins in 2QFY2014 due

to wage hikes given by the company effective from 1 July 2013 to 80% of its

employees. Post 2QFY2014, we expect operating margins to recover aided by the

recent currency depreciation. Going ahead, given INR remains range bound, we

expect the EBITDA margin of the company to come down to 19.7% and 19.9% for

FY2014 and FY2015, respectively. We expect the company to record a 13.5%

CAGR in its PAT over FY2013-15.

At the current market price of `914, the stock is trading at 8.9x FY2014E and 8.7x

FY2015E EPS. We value the stock at 10x FY2015E EPS, translating into a targetprice of `1,050, and recommend an Accumulate rating on the stock.Exhibit 11:Key assumptions

Particulars FY2014 FY2015Revenue growth-USD terms (%) 10.2 8.0

USD-INR rate 57.6 58.0

Revenue growth-INR terms (%) 17.2 8.6

EBITDA margin (%) 19.7 19.9

Tax rate (%) 22.5 24.0

EPS growth (%) 26.2 2.1


7/28/2019 Mindtree, 1Q FY 2014

7/12


July 18, 2013 7

Exhibit 12:Change in estimates

FY2014 FY2015Parameter Earlier Revised Variation Earlier Revised Variation(` cr) estimates estimates (%) estimates estimates (%)Net revenue 2,707 2,768 2.3 2,978 3,006 1.0

EBITDA 551 544 (1.2) 601 598 (0.5)

PBT 473 555 17.4 532 579 8.7

Tax 109 125 14.6 128 139 8.7

PAT 364 430 18.2 404 440 8.7


Exhibit 13:One-year forward PE(x) chart


Exhibit 14:Recommendation summary

Company Reco. CMP Tgt. price Upside FY2015E FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (x) RoE (%)

HCL Tech Neutral 858 - - 22.0 13.5 20.7 1.6 21.7

Hexaware Neutral 105 - - 19.8 9.0 9.6 1.1 22.3

Infosys Neutral 2,800 - - 26.4 14.8 9.2 2.4 19.3

Infotech Entp. Neutral 184 - - 17.6 8.2 15.7 0.5 14.0

KPIT Cummins Buy 125 144 15.0 16.7 8.7 21.6 0.6 16.7

MindTree Accumulate 914 1,060 14.8 19.9 8.7 25.1 0.9 20.3Mphasis Neutral 421 - - 18.2 9.7 4.9 0.7 14.2

NIIT^ Buy 19 30 59.6 9.1 3.5 (7.1) (0.0) 11.9

Persistent Accumulate 529 595 12.5 26.2 8.9 19.0 0.8 16.7

TCS Accumulate 1,660 1,760 6.0 29.1 17.5 20.5 3.4 27.8

Tech Mahindra Accumulate 1,091 1,250 14.5 19.1 9.3 11.4 1.5 18.9

Wipro Neutral 385 - - 21.4 12.9 9.7 1.5 19.0

Source: Company, Angel Research; Note: Valued on SOTP basis

0

200

400

600

800

1000

1200

1400

1600

Apr-07 Dec-07 Aug-08 Apr-09 Dec-09 Aug-10 Apr-11 Dec-11 Aug-12 Apr-13

(`)

Price 14x 12x 9x 7x 4x

7/28/2019 Mindtree, 1Q FY 2014

8/12


July 18, 2013 8

Profit and loss statement (Indian GAAP, Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ENet sales 1,296 1,509 1,915 2,362 2,768 3,006S/w development exp. 798 1,015 1,248 1,427 1,611 1,747

% of net sales 61.6 67.2 65.2 60.4 58.2 58.1

Gross profit 498 495 667 934 1,157 1,259

% of net sales 38.4 32.8 34.8 39.6 41.8 41.9

SG&A expenses 252 317 374 448 613 661

% of net sales 19.5 21.0 19.5 19.0 22.1 22.0

EBITDA 246 178 293 486 544 598% of net sales 18.9 11.8 15.3 20.6 19.7 19.9

Depreciation 65 71 70 62 75 81

EBIT 180 107 223 424 469 517

Interest expense, net 3 0 0 1 0 0

Other income, net 77 24 38 1 87 62

Profit before tax 255 131 261 424 555 579

Provision for tax 40 29 43 85 125 139

% of PBT 15.6 22.1 16.4 20.0 22.5 24.0

PAT 215 102 218 339 430 440Minority interest - - - - - -

Share in profit of asso. - - - - - -

Adj. PAT 215 102 218 339 430 440EPS (`) 54.4 24.9 53.7 81.7 103.1 105.2

7/28/2019 Mindtree, 1Q FY 2014

9/12


July 18, 2013 9

Balance sheet (Indian GAAP, Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ELiabilitiesShare capital 40 40 41 42 42 42

Application money - - - - - -

Reserves and surplus 631 736 917 1,272 1,696 2,129

Total shareholders' funds 671 776 957 1,314 1,738 2,171Minority interest - - - - - 1

Secured loans - 4 4 3 3 3

Unsecured loans 3 - 41 22 22 22

Total debt 3 4 44 25 25 25Other long term liab. - 21 3 6 6 6

Total liabilities 674 801 1,005 1,344 1,768 2,203AssetsGross block - fixed asst. 515 562 590 653 773 894

Acc. depreciation 253 262 331 394 469 550

Net block 261 301 259 259 304 343

Capital WIP 25 0 9 57 57 57

Total fixed assets 286 301 268 316 361 400Goodwill 15 - - - - -

Investments 127 1 1 24 24 24

Deferred tax assets, net 21 22 32 36 36 36

Loans and advances - 42 54 62 62 62

Other non-current assets - 11 26 105 105 105

Current assetsSundry debtors 237 283 408 451 500 544

Cash and bank balance 52 46 60 124 380 671

Investments 195 111 308 403 473 514

Other current assets - 200 179 171 225 279

Total current assets 484 639 954 1,148 1,579 2,007

Less:- Current liabilitiesCurrent liabilities 211 161 257 236 274 297

Provisions 49 53 72 111 125 135

Net current assets 224 425 625 802 1,181 1,575Total assets 674 801 1,005 1,344 1,768 2,203

7/28/2019 Mindtree, 1Q FY 2014

10/12


July 18, 2013 10

Cash flow statement (Indian GAAP, Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EPre-tax profit from operations 178 106 223 423 468 517

Depreciation 65 71 70 62 75 81

Pre tax cash from operations 243 178 293 485 544 598

Other income/prior period ad 77 24 38 1 87 62

Net cash from operations 320 202 331 486 630 660

Tax 40 29 43 85 125 139

Cash profits 280 173 288 401 506 521(Inc)/dec in

Current assets (11) (161) (301) (131) (174) (138)

Current liabilities (48) (47) 116 17 52 34

Net trade working capital (59) (208) (185) (114) (123) (104)

Cashflow from operating 221 (35) 103 288 383 417(Inc)/dec in fixed assets (55) (86) (36) (111) (120) (121)

(Inc)/dec in investments (26) 127 - (24) - -

(Inc)/dec in deferred tax assets (2) (0) (10) (4) - -

(Inc)/dec in intangibles 131 15 - - - -

(Inc)/dec in other assets (33) (32) (45) (84) - 1

Cashflow from investing 15 24 (92) (222) (120) (120)Inc/(dec) in debt (136) 1 40 (20) - -

Inc/(dec) in equity/premium (82) 15 (33) 24 - -

Dividends (14) (12) (5) (6) (6) (6)

Cashflow from financing (232) 5 3 (2) (6) (6)Cash generated/(utilized) 4 (6) 14 64 257 291Cash at start of the year 49 52 46 60 124 380

Cash at end of the year 52 46 60 124 380 671

7/28/2019 Mindtree, 1Q FY 2014

11/12


July 18, 2013 11

Key ratios

Y/E March FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 16.8 36.7 17.0 11.2 8.9 8.7

P/CEPS 12.9 21.6 12.9 9.3 7.4 7.1

P/BVPS 5.4 4.8 3.9 2.8 2.1 1.7

Dividend yield (%) 1.3 1.1 0.4 0.6 0.6 0.6

EV/Sales 2.7 2.4 1.8 1.4 1.0 0.9

EV/EBITDA 14.4 20.1 11.6 6.6 5.3 4.3

EV/Total assets 5.3 4.5 3.4 2.4 1.6 1.2

Per share data (`)EPS 54.4 24.9 53.7 81.7 103.1 105.2

Cash EPS 70.9 42.3 70.8 98.6 124.3 128.0

Dividend 11.8 10.0 4.0 5.5 5.5 5.5

Book value 170 190 235 323 427 533

Dupont analysisTax retention ratio (PAT/PBT) 0.8 0.8 0.8 0.8 0.8 0.8

Cost of debt (PBT/EBIT) 1.4 1.2 1.2 1.0 1.2 1.1

EBIT margin (EBIT/Sales) 0.1 0.1 0.1 0.2 0.2 0.2

Asset turnover (Sales/Assets) 1.9 1.9 1.9 1.8 1.6 1.4

Leverage ratio (Assets/Equity) 1.0 1.0 1.0 1.0 1.0 1.0

Operating ROE 32.0 13.1 22.8 25.8 24.8 20.3

Return ratios (%)RoCE (pre-tax) 26.8 13.3 22.2 31.5 26.5 23.5

Angel RoIC 39.7 14.1 35.5 55.7 54.7 53.8RoE 32.0 13.1 22.8 25.8 24.8 20.3

Turnover ratios (x)Asset turnover (fixed assets) 4.5 5.0 7.2 7.5 7.7 7.5

Receivables days 73 63 66 66 66 66

Payable days 114 67 61 63 62 62

7/28/2019 Mindtree, 1Q FY 2014

12/12


July 18 2013 12

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking

or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or

in the past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from

or in connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement MindTree

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

Mindtree, 1Q FY 2014

Documents

Transcript of Mindtree, 1Q FY 2014